不确定性感知与企业绿色技术创新——基于区域与企业异质性视角的分析

Uncertainty perception and company green technology innovation:An analysis based on regional and company heterogeneity perspectives

实现碳达峰碳中和是推动高质量发展的内在要求,企业积极开展绿色技术创新有利于实现经济的绿色可持续发展。在面对宏观环境的经济政策不确定时,企业对不确定性的感知能力能否帮助企业发挥抵抗风险作用?能否将外部经济政策不确定性转化为企业的内在发展动力实现绿色技术创新?文章探究企业经济政策不确定性的感知程度对其绿色技术创新的影响,并分析了其中的作用机制。在此基础上使用2007—2020年中国沪深A股上市公司数据和企业层面经济政策不确定性指标等数据进行实证检验,并提出政策建议。研究发现,企业经济政策不确定性感知程度的增加能够促进企业绿色技术创新水平的提高。机制分析表明,从外部融资视角看,经济政策不确定性感知的增加可以通过缩小信息不对称与减小企业融资约束提高企业的绿色技术创新能力;从企业内部管理视角看,经济政策不确定性感知的增加能够通过增强企业战略积极性和提升绿色认知能力来提高企业的绿色技术创新能力。通过企业外部地区特征与内部自身特征异质性分析发现,企业所在地区经济发展水平、数字经济发展程度与地区创新活力越高,越有利于企业经济政策不确定性感知促进绿色技术创新,对于非重污染、社会责任表现较差、自身风险承担水平较低的企业这一促进作用更为明显。进一步分析政企互动关系发挥的作用发现,国有企业与政府环境规制水平较高地区的企业拥有更强的绿色创新能力,而政府环保补贴在这一过程中发挥的作用并不充分。研究结论对我国企业实现绿色技术创新具有重要的启示:企业需要充分把握市场信息与市场机遇,树立可持续发展目标;政府需要积极缩小企业与市场、企业与政府间的信息不对称,强化地区创新活力,针对不同地区与类型企业实施经济政策;政府应当完善经济政策平稳机制,积极引导企业正确认知经济政策不确定性带给企业的机会与风险,发挥好政府调节作用,加快实现企业的绿色技术创新与绿色转型发展。

Achieving peak carbon performance and carbon neutrality is an inherent requirement for promoting high-quality development.Companies’active pursuit of green technological innovation contributes to the realization of a green and sustainable economic development.When faced with uncertain macro-environmental economic policies,can the company’s ability to perceive uncertainty help it play a risk-resistant role?Can companies transform external economic policy uncertainty into internal developmental motivation to achieve green technological innovation?This paper explores the impact of companies’perception of economic policy uncertainty on their green technological innovation and analyzes the mechanisms involved.On this basis,it uses the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 and the data of economic policy uncertainty indicators at the company level to carry out empirical tests,and puts forward relevant policy recommendations.It is found that an increase in companies’perception of economic policy uncertainty can promote green technology innovation.Mechanism analysis shows that from the perspective of external financing,the increase in the perception of economic policy uncertainty can improve the green technological innovation ability of companies by narrowing the information asymmetry and reducing the financing constraints of companies,and from the perspective of internal management of companies,it can improve the green technological innovation ability of companies by enhancing the strategic initiative of companies and improving the green cognitive ability.Through the analysis of the heterogeneity of companies’external regional characteristics and internal characteristics,it is found that the higher the regional economy,the degree of development of the digital economy,and the regional innovation dynamism of the companies,the more favorable the perception of economic policy uncertainty is to promote companies’green technological innovation.This facilitation is more pronounced for companies that are not heavy polluters,have poorer social responsibility performance,and have lower levels of their own risk-taking.Further analysis of the moderating effect of government-company interaction shows that state-owned companies and those in areas with higher environmental regulation have stronger green innovation ability,while government environmental protection subsidies play an insufficient role in this process.The findings of the study provide important insights into the realization of green technological innovation by companies in China.Companies need to fully grasp market information and opportunities,and set sustainable development goals.The government should actively reduce the information asymmetry between companies and the market,and between companies and the government,strengthen the vitality of regional innovation,and implement economic policies for different regions and types of companies.The government should improve the economic policy smoothing mechanism,and actively guide companies to correctly perceive the opportunities and risks brought by economic policy uncertainty.It is necessary to play a good role in government regulation to accelerate the realization of green technological innovation and green transformation and development of companies.